El Dorado County Real Estate Market
Posted by John Lockwood on September 20th, 2007
Prices fell in El Dorado County in August from the year earlier, with moderately falling unit volume. This year’s average home sold for $520,956, a nine per cent drop from last year’s average of $572,647. This year’s home being slightly bigger than last year’s the sold price per square foot dropped somewhat more dramatically, 11.5%, from $255.87 last August to $226.40 this August. The median price fell 14.8%, from $502,000 to $427,500.
This year we saw our first significant foreclosure activity in El Dorado County in some time. There were no foreclosures among the 176 units that closed escrow recorded in the MLS for August of 2006. A year later, nineteen of the 164 units (11.6%) that sold were bank-owned properties. Of the 1797 properties currently active in El Dorado County, 96 (5.3%) are bank owned.
Over the last twelve months, an average of 155 units sold every month, so the 1797 active units we have now represents 11.6 months of inventory.